The diverse infrastructure and renewable energy investor Infratil Ltd (NZX: IFT) says that the North American company Longroad Energy has closed financing of its 237.6 MW Rio Bravo wind farm project in Starr County in Texas.
Infratil reported construction costs for this project were about $US300 million ($NZ428.72 M) with Longroad Energy investing about $US100 M as sponsor. About half of this will be funded by Infratil and half by other Longroad investor the New Zealand Superannuation Fund.
Longroad Energy is owned by Infratil (45%) and the NZ Superannuation Fund (45%), in partnership with management (10%).
Its focus is on utility-scale wind and solar energy development in the United States, seen as one of the largest and fastest growing renewable energy markets in the world.
The investment is managed on behalf of Infratil and the NZ Superannuation Fund by investment management firm Morrison & Co.
Companies mentioned in article